FTI Consulting News Bytes – 15 March 2024

FTI Consulting News Bytes

This week, Thomson Reuters gets ready to splash the cash on AI, as it announces $8 billion to invest in artificial intelligence. Elsewhere, the UK government is cracking down on quantum computer exports, due to concerns that the technology could be weaponised by foreign militaries. BBC News has this week discussed the sometimes sensationalist way in which media is covering AI. Next, we look at Airbnb’s next step into making its rentals safer for all, as it bans the use of indoor surveillance cameras in its properties. Lastly, are TikTok’s days in the UK numbered? We explore what’s next for the social media phenomenon in the UK, as the US moves to ban the app amid security concerns. 

This week’s news

Thomson Reuters’ $8bn war chest for AI

Speaking ahead of an investor day, Thomson Reuters’ CEO Steve Hasker told the Financial Times it has an $8 billion war chest for AI investments and acquisitions.  With “tremendous financial firepower”, the company is expanding across AI-driven professional services and information. Already, Thomson Reuters invests $100 million annually to develop its own AI technology to serve customers in across professional services including legal, tax and accounting. In the last 18 months, the company has spent around $2 billion on AI-focused acquisitions such as SurePrep, Casetext and Pagero. 

Copyright fight continues between NYT & OpenAI

Elsewhere, The Telegraph this week reports that the UK government is cracking down on exports of quantum computers to buyers abroad, in light of concerns that the technology could be weaponised by foreign militaries. The Export Control Joint Unit, which scrutinises sales of sensitive goods, added the technology to the list of “dual use” items that could have military uses, meaning that from the beginning of the month, exporters will be unable to sell the devices unless they have obtained a specific license to do so. Whilst some have welcomed the news, due to concerns that the technology will make it simple to decode secret communications, others have been more cautious. Last year, for example, Quantum UK cautioned that British companies were concerned about the prospect of further export controls, suggesting that they could put off US companies seeking to relocate to the UK..

Journalists are feeding the AI hype machine

Is AI all that, or has the media massively contributed to its (over?) hype? BBC News, in speaking to industry experts, on one hand finds that there is a sentiment that “there is more hype and obfuscation about what the technology can and cannot actually do”. On the other hand, the BBC’s Technology Editor, Zoe Kleinman, argues that given the impact AI is expected to have on our lives, “it deserves media scrutiny”, although noting she finds that journalists have a “tendency to focus on the negatives”. This is a view shared by Mikael Kopteff, Chief Technology Officer at Reaktor, he believes that journalists bear a “responsibility to educate the general public on AI”, but argues that they aren’t doing that with the “scaremongering and sensationalising” he finds they push into the mainstream.  It seems that there is a lean towards wanting more nuanced reporting of AI. The BBC notes that many are of the opinion that it is neither bad, nor good, and media must endeavour to communicate this.

Clock is ticking on UK TikTok ban

As the US looks to ban social media phenomenon, TikTok, over security concerns The Times‘ Katie Prescott considers whether the UK could follow suit. No doubt, with the US House bill now passed, similar discussions are set to be re-ignited on our home shores, no less because of security concerns, but because of the clock apps significance in our media landscape. According to a recent report by Ofcom, a third of young people aged 16-24 use TikTok as their main source of news, whilst 10% of adults cite the app as a news source. Already prohibited on government-related phones, how long until we ride into a TikTok free sunset, arm in arm with our US allies?

Airbnb bans surveillance cameras inside rental properties

Months after Airbnb banned house parties in its properties, which resulted in a 55% reduction in reports of noisy gatherings, the company has announced a ban on surveillance cameras inside its properties, the BBC reports. Coming into effect April 2024, the ban seeks to prioritise guest privacy and put measures in place to protect renters from the use of hidden cameras. The updated policy doesn’t outlaw the use of doorbell cameras and noise decibel monitors, but these devices aren’t allowed to be directed into indoor spaces, nor are they allowed to monitor outdoor areas like showers or saunas.

Top Tweets of the Week

• Joe Tidy, Cyber Correspondent at BBC News: Another big step towards a potential ban on TikTok in the US then. An incredible moment in globalisation history. Until TikTok, US tech giants have ruled the roost online so could this be a test case for what happens when a rival nation builds a large US customer base?
• Tom Warren, Senior Editor at The Verge: Microsoft is launching its AI Copilot for Security next month. It’s a chatbot that’s designed for cybersecurity professionals, but Microsoft is charging businesses on a pay-as-you-go consumption model. Full details below 👇 https://t.co/jZY1eGKyl3
• Sara Fisher, Senior Media Reporter at Axios: Exclusive: @AP launching e-commerce site with @taboola — Taboola did a similar deal with @TIME last year — Comes as The AP tries to attract more consumer revenue (Most of their biz is B2B licensing) @axios https://t.co/TYOk6U53Tz

Number of the Week

$1 trillion – The volume of customer payments processed through Stripe last year, after a 25% surge, according to Bloomberg.